System and method for linked account having sweep feature
US8326766B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Apr 6, 2007 |
| Grant date | Dec 4, 2012 |
| Priority date | — |
| Expiry date | Jul 23, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG07G1/12
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A computer-implemented method for facilitating electronic funds transactions is disclosed. According to one embodiment, the method may comprise the steps of: issuing a transaction card to a cardholder by associating the transaction card with a demand deposit account from which the cardholder is authorized to electronically disburse funds; receiving an authorization request for an attempted transaction between a merchant and the cardholder, the authorization request containing information associated with the transaction card and the attempted transaction; processing the authorization request based on one or more predetermined business rules; authorizing the transaction without immediately settling the transaction against the demand deposit account of the cardholder; and settling the transaction, at a time subsequent to the execution of the transaction, through automated clearing house (ACH) from funds retained within the demand deposit account of the cardholder.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.